696 Pennies Fetch Over $16.7 Million at Auction
The final batch of 696 pennies recently garnered over $16.7 million at an auction organized by Stacks & Bowers. This collection comprised the last pennies minted by the U.S. Mint, marking a significant moment in numismatic history.
Details of the Auction
The auction featured 232 lots, with each lot containing three pennies. Among them was a unique 24-carat gold cent piece. The auction took place on a Thursday, showcasing the final pennies struck in the classic circulating finish.
Key Auction Results
- Most Expensive Lot: The final lot sold for $800,000.
- First Lot Sale: The opening lot fetched $200,000.
- High-value Lots: A total of 17 lots surpassed the $100,000 threshold.
- Starting Bid: Bidding began at $3,500 per lot.
- Lowest Sale: The least expensive lot sold for $48,000.
The End of Penny Production
The U.S. Treasury Department announced plans in May to cease penny production. The last penny was minted in September at the U.S. Mint’s Philadelphia facility, under the supervision of U.S. Treasurer Brandon Beach.
Minting and Circulation Insights
The final coins minted entered the auction marketplace, with some of them produced as recently as June. Despite the end of new penny production, approximately 300 billion pennies remain in circulation.
Jeff Lenard, spokesperson for the National Association of Convenience Stores, noted that retail stores would continue to have access to pennies for some time. However, as new rolls become unavailable, retailers may need to adjust their cash transactions, potentially rounding to the nearest nickel.
Interestingly, the production cost of each penny now exceeds its face value. Each penny costs nearly four cents to produce, reflecting the evolving dynamics of U.S. currency.
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